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June 21, 2022

Honda JV starts on new EV plant

A dedicated EV factory.

By Graeme Roberts

Honda Motor (China) Investment, a wholly-owned Honda subsidiary in China, announced that GAC Honda Automobile (GAC Honda), a Honda automobile production and sales joint venture in China, began construction of its new EV plant, taking a forward step in establishing a suitable production system and capability in preparation for an increase in the number of models in its product line.

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What does the future hold for the US electric vehicles market?

The US Electric Vehicles (EV) market has established itself as one to watch. Despite China maintaining the number one spot, the US holds significant standing as one of the major EV markets, with GlobalData’s whitepaper identifying a strong growth trajectory within the forecast period. This report further analyzes the trends, market drivers, and government incentives set to influence and facilitate the market.   This report also looks beyond the US and touches on environmental concerns set to drive the EV market worldwide.   Want to find out more? This report demonstrates GlobalData Explorer’s sector analysis capabilities, showing how you can:  
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by GlobalData
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This dedicated EV factory would be newly constructed on a lot of 400,000m2 within the Guangzhou Economic and Technological Development District, Guangzhou City, Guangdong Province, China. The plant is targeted to begin operation in 2024 with an annual production capacity of 120,000 units.

With an initial investment plan of RMB3.49 billion, the plant will use solar power and other renewable energy sources.

In China, Honda is planning to introduce 10 e:N Series EV models by 2027.

The new plant will be a core operation of Honda EV production in China, together with a new EV plant which will be built by JV Dongfeng Honda Automobile (Dongfeng Honda) planned to begin operation in 2024.

In 2024, when both the GAC Honda and Dongfeng Honda new EV plants become operational, Honda will have a total base annual automobile production capacity of 1.73 million units.

Free Report
img

What does the future hold for the US electric vehicles market?

The US Electric Vehicles (EV) market has established itself as one to watch. Despite China maintaining the number one spot, the US holds significant standing as one of the major EV markets, with GlobalData’s whitepaper identifying a strong growth trajectory within the forecast period. This report further analyzes the trends, market drivers, and government incentives set to influence and facilitate the market.   This report also looks beyond the US and touches on environmental concerns set to drive the EV market worldwide.   Want to find out more? This report demonstrates GlobalData Explorer’s sector analysis capabilities, showing how you can:  
  • Get historical and forecast market sizing data, with country specific insight for 22+ of the world’s largest industries
  • Track sector dealmaking activity, to view aggregate volumes, specific deals and top investors for all major deal types in M&A, Capital Raising, and Partnerships
  • Analyze news from GlobalData Explorer’s News Database – enable screening and alerts by industry, company, geography and news sentiment for filtered insight
  • Identify and track the key disruptive trends that are keeping the top digital thought leaders talking through social media analytics
  Consult this report now to find out how you and your company can benefit from our Explorer platform.
by GlobalData
Enter your details here to receive your free Report.

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